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A supermarket price war seems set to escalate after Asda began its biggest- ever discounting campaign with a pledge to slash £50 million from the cost of bread, butter and other essentials in the first three months of the year.

Barry Williams, the chief merchandising officer for food at Asda, claimed that the supermarket was “even making the Poundshop and Aldi look expensive” with its £1 billion, five-year campaign. He said that Asda “can guarantee to be 10 per cent cheaper than the competition”.

The supermarket has pledged to make £1 billion of price cuts over the next five years